ARR Announces $32.5MM Investment into New Global Renewables Development Platform

Source: www.gulfoilandgas.com 5/4/2022, Location: North America

Altius Renewable Royalties Corp. (“ARR” or the “Company”) is pleased to report that its jointly controlled subsidiary, Great Bay Renewables, LLC (“Great Bay”) has executed agreements to invest a total of US$32.5 million into a new global renewables development platform, Bluestar Energy Capital LLC (“Bluestar”), recently founded and majority-owned by Declan Flanagan, former CEO of Orsted Onshore and Lincoln Clean Energy.

Great Bay will invest the significant majority of the total US$32.5 million commitment into Nova Clean Energy, LLC (“Nova”), the North American renewables development subsidiary of Bluestar. In exchange, Great Bay will receive royalties on 1.5 GW of renewable energy projects commercialized by Nova as well as a minority equity interest in Nova. Great Bay is also investing alongside another institutional investor for a minority equity ownership in Bluestar, with Declan Flanagan remaining the majority shareholder of Bluestar.

Frank Getman, CEO of Great Bay commented, “Declan is a recognized leader in renewables and the global energy transition with an incredible track record of success. We are excited to support him and his team in helping create the next great global renewables platform.”

Great Bay is jointly controlled by ARR and certain funds managed by affiliates of Apollo Global Management, Inc.


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